Bitcoin
‘Are you ready?’ — Elon Musk applauds wild rumors that Donald Trump will create a strategic Bitcoin reserve in the US and trigger chaos in crypto prices
Updated 7/22 below. This post was originally published on July 21
Bitcoin
Bitcoin
burst back to life this month as traders bet that former US President Donald Trump will trigger a boom in the price of bitcoin.
Bitcoin’s price has risen nearly 20% since its early July lows, helped by Shark Tank billionaire Mark Cuban issuing a “crazy” bitcoin price prediction.
Now, after Trump dropped a bombshell about JPMorgan’s bitcoinWild rumors are circulating that Trump could announce he would create a strategic bitcoin reserve in the US during his much-hyped appearance at the Bitcoin 2024 conference in Nashville next week – something that could trigger an “instant moon” in the price of bitcoin.
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Former US President and 2024 Republican presidential candidate Donald Trump has embraced bitcoin… [+] in recent months, driving up the price of bitcoin and sparking bullish predictions that it would create a strategic bitcoin reserve in the US.
AFP via Getty Images
“There is speculation that Trump may announce the establishment of a strategic bitcoin reserve in the US during the Bitcoin 2024 conference in Nashville,” said Markus Thielen, CEO of institutional-focused analytics firm 10x Research. he said in an emailed note to clients noting that the price of bitcoin has soared nearly 1,900% during Trump’s first term.
“The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies,” Thielen wrote, pointing to the roughly 212,000 bitcoins the U.S. government currently holds, worth about $15 billion, compared with its $600 billion in gold reserves.
“Donald Trump may already be thinking about adding bitcoin to the US balance sheet,” Lark Davis, bitcoin analyst and author of the Wealth Mastery newsletter, he wrote to your subscribers.
Update 7/22: David Bailey, the organizer of the Bitcoin 2024 conference and editor of Bitcoin Magazine, cheered up expectations over the weekend that Tesla CEO and one of the most powerful movers in the cryptocurrency market, Elon Musk, could make a surprise appearance at the Bitcoin 2024 conference.
Bailey noted that Musk changed his X profile picture to one with laser eyes — a symbol of bitcoin and cryptocurrency supporters that peaked in popularity during the 2021 bull run.
“Laser eyes are back in fashion,” said Michael Saylor, founder of bitcoin-buying software company MicroStrategy. posted alongside a screenshot of Musk’s new profile picture.
“Musk changes profile picture to laser eyes, Bitcoin Magazine CEO says ‘you’re ready’. If this means what I think it means, then this week is about to get even wilder,” crypto analyst and podcaster Scott Melker, posted for X.
Previously, Dennis Porter, the executive chairman of regulatory lobby group Satoshi Action Fund, posted to X that Trump “will announce a strategic US bitcoin reserve in Nashville,” citing anonymous and unnamed sources.
“People are skeptical that the U.S. could implement a strategic bitcoin reserve, but at this point it is inevitable,” Porter added.
A strategic reserve, such as the U.S. Strategic Petroleum Reserve, is a stockpile of assets kept on hand and designed to be used in emergencies or to secure debt.
“We are getting more and more confirmation that these rumors may be true,” said Simon Dixon, founder of investment platform BnkToTheFuture, posted for X.
In response, Ari Paul, chief investment officer at cryptocurrency hedge fund BlockTower Capital, put the odds on the U.S. creating a strategic reserve of bitcoin over the next four years by 10 to one, adding that it is “plausible to me that Trump would say that, which would be very bullish for bitcoin in the medium term” and that if Wall Street “really believed that would happen, then instant moon” — referring to a popular bitcoin meme that means the price of bitcoin is rising rapidly.
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Bitcoin’s price has soared in the months since Donald Trump embraced the cryptocurrency, with some… [+] betting that Trump could drive the price of bitcoin up a lot.
Forbes Digital Assets
This week, Trump sent an invitation to attendees of the Bitcoin 2024 conference for a private fundraiser that includes a nearly $845,000 per person seat at a roundtable event. reported by Bloomberg.
The fundraiser will be hosted by conference organizer David Bailey. reported by the Washington Post, who has met with Trump multiple times and said Trump’s speech at the event will be “the most important political event in the history of bitcoin and a defining cultural moment for our society.”
Bailey’s conference was also the stage for El Salvador President Nayib Bukele to announce that the country would adopt bitcoin as legal tender in 2021.